MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
JOWAK
ENTERPRISES LTD |
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Registered Office : |
P. O |
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Country : |
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Date of Incorporation : |
6-Dec-80 |
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Com. Reg. No.: |
179786 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Exporters
of Timber and wood products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
100,000 |
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Status : |
satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered
Name: JOWAK ENTERPRISES LTD
Requested
Name: Jowak Enterprises Ltd
Other Names: None found.
ADDRESS AND
TELECOMMUNICATION
Physical
Address: Osv,
Postal
Address: P.o
Osv,
Country:
Phone: 233-21-773576
Fax: 233-21-776917
Email: None
Website: None
CREDIT OPINION
We
recommend Credit of USD 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 6-Dec-80
Reg. Number: 179786
Nominal Capital GHC. 500,000,000
Subscribed
Capital GHC. 500,000,000
Subscribed Capital is Subscribed
in the following form:
Position Shares
Mr. D Alison MD/ CEO
Mr. S Okudzeto Director
Mr. C B Puri Director
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
Several Branches of the firm
OPERATIONS
Registered
to operate as exporters of Timber and wood products etc
Imports: None
Exports: Europe and
Trademarks: None
Terms of sale: Cash (30%) and 30 days (70%), invoices.
Main Customers: Industrial firms and organizations
Employees: 450 employees.
Vehicles: Several motor vehicles.
Territory of sales:
Location: Owned premises, 500.000 square feet,
AUDITORS AND
INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 9,560 Ghanaian Cedi
Fiscal Year End: December 31, 2006
Inflation: According to information given by independent sources, the inflation at January 31st,
2005 was of 7%.
Financial
Information Awaited
Profit and Loss (expressed in USD.)
2006
Sales 650,000,000
Net Profit
(Loss) 74,000,000
BANK
Bank Name: BARCLAYS BANK
Branch:
Enquiry Amount: 50,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
TRADE REFERENCES
Experiences: Good
NOTARIAL BONDS
None
COMMENTS /
ADDITIONAL INFORMATION
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)